Crude Oil Prices Surge Above $95 Amid US-Iran Tensions

Renewed military hostilities between the United States and Iran have caused crude oil prices to exceed $95 per barrel for the first time in five weeks, with Brent crude trading at $95.40 and US West Texas Intermediate (WTI) at $90.66. The last occurrence of Brent crude surpassing $95 was on July 22, 2026.

The escalation in military exchanges, including strikes by the US military’s Central Command against Iran’s Islamic Revolutionary Guard Corps (IRGC), has heightened fears of disruptions to oil shipments through the Strait of Hormuz. Commercial crude inventories in the US have decreased by over 48 million barrels in the past 20 weeks.

A week prior, Brent crude prices had dropped nearly $9 per barrel due to efforts by Iran and Oman to restore navigation through the Strait. For Nigeria, higher crude prices could enhance government revenue and foreign exchange earnings, as the country relies heavily on crude exports.

The 2026 budget is based on a benchmark price of $64.85 per barrel, making current prices significantly beneficial.